RE-HOLD: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
RE-HOLD
Largest movements
- Receivables within one year -€5.3m
down €5.3m (-94.9%), from €5.6m to €285,499
of which Other amounts receivable: -€5.3m
- Cash +€4.7m
up €4.7m (+621%), from €750,448 to €5.4m
mainly Receivables within one year (+€5.3m) and Current investments (+€1.8m)
- Current investments -€1.8m
no longer reported in 2025 (was €1.8m)
- Tangible fixed assets +€621,969
up €621,969 (+15.7%), from €4.0m to €4.6m
of which Land and buildings: +€638,282
- Debts after one year -€1.8m
down €1.8m (-33.3%), from €5.5m to €3.7m
of which Financial debts: -€1.8m
- Provisions -€414,656
down €414,656 (-78.9%), from €525,435 to €110,779
- Tax, wage and social debts +€391,260
up €391,260 (+602%), from €64,970 to €456,230
- Reserves +€188,505
up €188,505 (+7.9%), from €2.4m to €2.6m
of which Distributable reserves: +€1.4m
- Current portion of long-term debt -€142,857
down €142,857 (-26.0%), from €550,064 to €407,207
- Gross operating margin -€2.0m
down €2.0m (-77.3%), from €2.6m to €599,237
- Taxes +€300,995
up €300,995 (+139%), from €216,465 to €517,460
- Financial charges -€158,603
down €158,603 (-41.6%), from €381,416 to €222,814
- Depreciation -€31,193
down €31,193 (-16.2%), from €192,302 to €161,109
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,169,166 | €10,337,467 | -€1.8m | -15.1% |
| Fixed assets | 21/28 | €3,954,147 | €4,576,115 | +€621,969 | +15.7% |
| Tangible fixed assets | 22/27 | €3,954,147 | €4,576,115 | +€621,969 | +15.7% |
| Land and buildings | 22 | €3,795,353 | €4,433,636 | +€638,282 | +16.8% |
| Plant, machinery and equipment | 23 | €158,793 | €137,986 | -€20,807 | -13.1% |
| Furniture and vehicles | 24 | - | €4,493 | +€4,493 | |
| Current assets | 29/58 | €8,215,020 | €5,761,351 | -€2.5m | -29.9% |
| Amounts receivable within one year | 40/41 | €5,586,188 | €285,499 | -€5.3m | -94.9% |
| Trade receivables | 40 | €55,462 | €8,693 | -€46,769 | -84.3% |
| Other amounts receivable | 41 | €5,530,726 | €276,806 | -€5.3m | -95.0% |
| Current investments | 50/53 | €1,800,000 | - | -€1.8m | |
| Cash at bank and in hand | 54/58 | €750,448 | €5,412,046 | +€4.7m | +621% |
| Deferred charges and accrued income | 490/1 | €78,384 | €63,807 | -€14,577 | -18.6% |
| Total equity and liabilities | 10/49 | €12,169,166 | €10,337,467 | -€1.8m | -15.1% |
| Equity | 10/15 | €2,745,632 | €2,934,137 | +€188,505 | +6.9% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Capital | 10 | €350,000 | €350,000 | = | 0.0% |
| Issued capital | 100 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €2,395,632 | €2,584,137 | +€188,505 | +7.9% |
| Non-distributable reserves | 130/1 | €35,000 | €35,000 | = | 0.0% |
| Legal reserve | 130 | €35,000 | €35,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,576,306 | €332,337 | -€1.2m | -78.9% |
| Distributable reserves | 133 | €784,326 | €2,216,800 | +€1.4m | +183% |
| Provisions and deferred taxes | 16 | €525,435 | €110,779 | -€414,656 | -78.9% |
| Deferred taxes | 168 | €525,435 | €110,779 | -€414,656 | -78.9% |
| Amounts payable | 17/49 | €8,898,099 | €7,292,551 | -€1.6m | -18.0% |
| Amounts payable after more than one year | 17 | €5,506,640 | €3,670,862 | -€1.8m | -33.3% |
| Financial debts | 170/4 | €5,500,640 | €3,664,862 | -€1.8m | -33.4% |
| Trade debts | 175 | €6,000 | €6,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,366,898 | €3,621,689 | +€254,791 | +7.6% |
| Current portion of amounts payable after more than one year | 42 | €550,064 | €407,207 | -€142,857 | -26.0% |
| Financial debts | 43 | €2,749,000 | €2,749,000 | = | 0.0% |
| Credit institutions | 430/8 | €2,749,000 | €2,749,000 | = | 0.0% |
| Trade debts | 44 | €2,864 | €9,252 | +€6,388 | +223% |
| Suppliers | 440/4 | €2,864 | €9,252 | +€6,388 | +223% |
| Taxes, remuneration and social security | 45 | €64,970 | €456,230 | +€391,260 | +602% |
| Taxes | 450/3 | €64,970 | €456,230 | +€391,260 | +602% |
| Accrued charges and deferred income | 492/3 | €24,561 | - | -€24,561 | |
| Non-recurring operating income | 76A | €1,731,235 | - | -€1.7m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €192,302 | €161,109 | -€31,193 | -16.2% |
| Other operating charges | 640/8 | €23,703 | €11,408 | -€12,295 | -51.9% |
| Gross operating margin | 9900 | €2,643,717 | €599,237 | -€2.0m | -77.3% |
| Operating profit (loss) | 9901 | €2,427,713 | €426,720 | -€2.0m | -82.4% |
| Financial income | 75/76B | €109,453 | €87,402 | -€22,051 | -20.1% |
| Recurring financial income | 75 | €109,453 | €87,402 | -€22,051 | -20.1% |
| Financial charges | 65/66B | €381,416 | €222,814 | -€158,603 | -41.6% |
| Recurring financial charges | 65 | €381,416 | €222,814 | -€158,603 | -41.6% |
| Profit (loss) for the period before taxes | 9903 | €2,155,749 | €291,309 | -€1.9m | -86.5% |
| Transfer from deferred taxes | 780 | €96,941 | €414,656 | +€317,715 | +328% |
| Transfer to deferred taxes | 680 | €413,071 | - | -€413,071 | |
| Income taxes | 67/77 | €216,465 | €517,460 | +€300,995 | +139% |
| Profit (loss) for the period | 9904 | €1,623,155 | €188,505 | -€1.4m | -88.4% |
| Transfer from tax-exempt reserves | 789 | €237,340 | €1,243,969 | +€1.0m | +424% |
| Transfer to tax-exempt reserves | 689 | €1,239,212 | - | -€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €621,283 | €1,432,474 | +€811,191 | +131% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.